international charts, page-2

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    dow - poised to open up Hi 4620,

    Thanks for posting the Charts. These are always a great help to many of us.

    As you can see from tonight's action in Europe, many of the bourses there are up quite heavily, with the FTSE up ~40, the DAX up 40, and the CAC up 20.

    But even more significant than this is the Futures position for the DOW.

    According to FOX News, @10:25, the DOW was poised to open "limit up" with the Futures showing +171. Over on Bloomberg, however, the figures appear a more sobering +20 (range +15-25).

    Overall, I'm actually quite surprised that Goblin has not yet spotted this, or indeed commented on the apparent discrepancies between the 2 reported Futures' positions.

    Either way, New York is, for tonight, looking up.

    As for what may be responsible for this, the following are offered as indicators:
    revised Q# GDP growth of 8.2%, meaning that finally revised GDP growth will likely now touch out @8.5%;
    OECD forecasts released today showing that the US economy is poised to grow by >4.2% in 2004 (meaning that the economy will grow at above job maintenance rates which willresult in a significant expansion in employment growth during CY04);
    growing evidence that US companies are now reflating their margins (with productivity growth in Q3 up to a revised 8.9%, unit labour costs down slightly, and output prices rising - all pointing to a significant exapnsion in profit growth /margins going into Q4);
    President Bush's success in getting the Medicare Bill through Congress (HoR on Saturday, and the Senate, overnight - refer my posting on this earlier today);
    in securing Senate passage of the Medicare BIll, President Bush has effectively fractured the Democratic Party by polarising it between the left of centre faction now controlled by Teddy Kennedy and joined by Hilary Clinton, and the progressive moderates who represent many of the near term Senators - ie: those elected during Presdient Clinton's era and on);
    further evidence that the semi-conductor, and tech sectors are starting to move;
    further evidence of growing (not retracting) US consumer confidence, based on Tuesday;s economic numbers;
    growing evidence that the US trade deficit is being structurally reformed with the Goods sector in deficit due to increasing imports of capital goods, and the Services sector being currently US$5.1B in surplus - this is the opposite of Australia's own trade deficit situation);
    the Nikkei closing above 10,000; and
    UK Q# GDP revised upward

    Tonight will, therefore, be very interesting for traders as they wade through the slew of economic data that will be published overnight.
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